THE IMPACT OF ABUSIVE CLAUSES LITIGATIONS ON PROFITABILITY OF ROMANIAN BANKS
The banking sector has a special significance in each country's economy, being a constant concern for the authorities, both at national and Community level. To reduce the substantial differences between national laws on consumer credit, the European Commission issued Directive 2008/48/EC on c...
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| Format: | Article |
| Language: | English |
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Academica Brâncuşi
2014-10-01
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| Series: | Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie |
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| Online Access: | http://www.utgjiu.ro/revista/ec/pdf/2014-05/15_Lupu%20DAn.pdf |
| Summary: | The banking sector has a special significance in each country's economy, being a constant concern for the
authorities, both at national and Community level. To reduce the substantial differences between national laws on
consumer credit, the European Commission issued Directive 2008/48/EC on credit agreements for consumers,
transposed into Romanian legislation by the now legendary, Emergency Ordinance nr.50/2010. But what followed
after the adoption of this ordinance surpassed imagination: some banks refused to make the adjustments provided by
the law and they were sued in an enormous proportion by their customers, the consequence was very natural: huge
losses and negative advertising. Instead, the banks which have complied with the directive came out very well from
the crisis: greater number of customers, increased market share and, ultimately, an unexpected profit for this time of
crisis. This article treats ,,the war between banks and their own customers" and mainly its winners and losers.
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| ISSN: | 1844-7007 1844-7007 |